Relates to the effective date of a reclassification for an accidental disability retirement benefit for applications filed on or after January 1, 2027.
Impact
The bill significantly impacts how retirement benefits for certain members are administered by the New York State and Local Employees' Retirement System (NYSLERS) and the New York State and Local Police and Fire Retirement System (NYSLPFRS). By changing the effective date of the reclassification to the application filing date, it is anticipated to benefit retirees financially sooner, with average annual costs estimated at $112,000 for NYSLERS and $858,000 for NYSLPFRS. This reform is also aligned with the state's ongoing efforts to adjust and improve the retirement system for its beneficiaries.
Summary
S09905 amends the retirement and social security law to change the effective date for reclassifying a member's retirement as an accidental disability benefit. Specifically, it stipulates that for applications filed on or after January 1, 2027, the effective date of reclassification will be the date of application rather than the date the reclassification is approved. This change aims to streamline the process for members seeking these benefits, ensuring quicker commencement of their disability payments.
Contention
Notably, there may be contention surrounding the implications of assuming these financial responsibilities at the state and local levels. Some lawmakers or stakeholders might raise concerns about the fiscal impact of this change, particularly how it would affect budgets and funding strategies for local governments contributing to these retirement systems. Moreover, there could be debates on whether the expedited benefits could lead to a higher volume of applications that challenge the existing capacity of the retirement systems to process and approve these requests efficiently.
Allows a one-year window for application for a disability retirement for members of the New York state and local employees' retirement system or the New York state and local police and fire retirement system who retired from service on or after January 1, 2021 due to heart disease; provides for the repeal of such provisions upon the expiration thereof.
Allows a one-year window for application for a disability retirement for members of the New York state and local employees' retirement system or the New York state and local police and fire retirement system who retired from service on or after January 1, 2021 due to heart disease; provides for the repeal of such provisions upon the expiration thereof.
Relates to accidental disability retirement for sheriffs; provides that sheriffs shall receive a pension of three-quarters of their final average salary.
Relates to accidental disability retirement for sheriffs; provides that sheriffs shall receive a pension of three-quarters of their final average salary.
Provides accidental disability retirement benefits for deputy sheriff Richard Stueber, a participant in World Trade Center rescue, recovery, and cleanup operations.
Extends the presumptive eligibility period, from twenty-five to thirty-five years, for certain retirement benefits for injuries or illnesses related to World Trade Center rescue, recovery and clean-up operations.
Extends the presumptive eligibility period, from twenty-five to thirty-five years, for certain retirement benefits for injuries or illnesses related to World Trade Center rescue, recovery and clean-up operations.
Permits any member of PERS to receive accidental disability retirement allowance for disability resulting from participation in 9/11 World Trade Center rescue, recovery, or cleanup operations.
Permits any member of PERS to receive accidental disability retirement allowance for disability resulting from participation in 9/11 World Trade Center rescue, recovery, or cleanup operations.
Establishes a twenty-two year retirement program for deputy sheriff members who are employed by the city of New York as a deputy city sheriff level one, deputy city sheriff level two, supervising deputy sheriff or administrative sheriff.